Client story: Why investing for retirement is all about trust

Barry & Liz’s problem

Successful entrepreneur Barry had always been sceptical of investments, not liking the lack of control over their performance. He’d left school at 14 and worked incredibly hard to build up a profitable, thriving national waste management company, never carrying debt or using an overdraft facility. Having started with nothing, he and his wife Liz were always anxious to keep a careful eye on their wealth, knowing what life could be like without it. Security was a huge priority for them in their retirement, along with leaving a significant legacy for their family.

Barry recognised however, that investments could give him a better return, and so had decided to trust a well-known exclusive investment bank, which he chose because of their reputation. He invested a substantial amount of money in an expensive offshore bond at their recommendation.

Unfortunately, Barry’s experience with the bank just seemed to prove his original scepticism was right. Spiralling fees and the volatile performance of the bond made Barry feel uncomfortably out of control, with a reasonable chunk of his hard-earned wealth steadily dwindling. The bank itself even wrote to Barry admitting he’d been badly advised, so he knew his concerns were valid. Troubled by what to do, he spoke to his solicitor, Paul Solomons, who suggested he have a chat with Justin.

How Justin helped them

Justin spent time carefully listening to Barry and Liz to understand their concerns. He reviewed the individual investments within the offshore bond and felt some of the funds were rather obscure. In his opinion they carried too much risk for Barry and Liz, for whom control was so important.

He showed them what they could have expected if they’d invested in a well-diversified portfolio over the same timeframe. Reassured, Barry challenged the bank and eventually was successfully compensated.

Understandably, Barry’s trust in investments was at rock bottom. He was still much more comfortable investing in things he could see and touch, like property. However, he’d begun to trust Justin who fully understood both Barry’s need to feel in control and his desire to protect his wealth for his family.

Over a period of time Justin helped him set up diversified, tax-efficient portfolios designed to ensure their money outpaced inflation. Justin also worked alongside Barry with his tax advisors and solicitors, to put in place tax efficient ways of protecting their legacy for their two children and five grandchildren. For the first time, Barry and Liz enjoyed a successful investing experience.

And now…?

Barry and Liz have worked closely with Justin for seven years and their trust in him has continued to grow. They know he genuinely has their best interests at heart and that he prioritises the sense of security that’s so important to them.

Their regular chats cover all that’s going on in their lives from family gatherings to the latest cruise. During one recent conversation, Justin asked Liz whether she would want to stay living in their large home if Barry were to die first. The answer was an emphatic no – she would much rather live nearer her daughter and grandchildren. Justin suggested they buy an apartment in advance, that could be ready for them to move into whenever they liked. 

Just six months later they’d bought a new-build apartment close to their daughter in Brighton, where they hope to move to together in a few years’ time. Barry admitted it’s given him ‘absolute comfort’ knowing he has all his ‘ducks in a row’. He and Liz feel they can confidently enjoy their retirement, knowing their money – and therefore their family – is well looked after.

“Justin’s idea to buy an apartment takes away a tremendous amount of the anxiety. That simple thing wasn’t investment advice, it was a lifestyle choice. And it’s brilliant.”

— Barry Van Danzig, Mudeford